Ruspetro Sees Siberian License Extended

Western Siberia-focused Ruspetro announced Monday that its Palyanovo license has been extended by the Russian Federal Subsoil Resources Management Agency until the end of the economic life of the field. The license had been due to expire in December 2015.

Ruspetro, through its wholly-owned subsidiaries OJSC INGA and OJSC Trans-Oil, holds the Pottymsko-Inginsky, Vostochno-Inginsky and Palyanovo licenses, which cover some 450 square miles of the Khanty-Mansiysk region of Western Siberia.

Ruspetro also announced Monday that a claim previously filed against its OJSC INGA subsidiary by Schlumbeger Logelco for an amount of $7 million has been dismissed in full by the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation. As a result of this ruling in favor of OJSC INGA, Ruspetro said that Schlumberger must compensate its legal fees associated with the protection of its interests in the court.

 



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